LIC, which symbolizes the faith and trust of millions of countrymen, was synonymous with life insurance as it is the market leader having 78% share of Indian insurance market in terms of number of policies. With 28 crore individual polices, besides covering more than 9 crore people under group insurance and superannuation schemes and over 3 crore families under social security schemes, the LIC is the largest insurance company in the world in terms of number of customers.
History of LIC
In 1955, parliamentarian Amol Barate raised the matter of insurance fraud by owners of private insurance companies. In the ensuing investigations, one of India's wealthiest businessmen, Ram Kishan Dalmia, owner of the Times of India newspaper, was sent to prison for two years.
Eventually, the Parliament of India passed the Life Insurance of India Act on 1956-06-19, and the Life Insurance Corporation of India was created on September 1, 1956 by consolidating the life insurance business of 245 private life insurers and other entities offering life insurance services. Nationalization of the life insurance business in India was a result of the Industrial Policy Resolution of 1956, which had created a policy framework for extending state control over at least seventeen sectors of the economy, including the life insurance.
Now, the LIC has also extended its services at several offshore destinations, including UK, Fiji, Mauritius, Bahrain, Nepal, Sri Lanka, Kenya and Singapore, he said, adding LIC posted a robust performance in terms of corporate governance benchmark. On corporate social responsibility (CSR) front, it has collaborated with several state governments providing social security schemes to BPL families for their financial inclusion, Sah said. In 2006, the LIC had set up a public trust, LIC Golden Jubilee Foundation, with an initial corpus of Rs 50 crore and Rs 10 crore being added every year to it, bringing the corpus to Rs 100 crore. Income earned from the corpus is spent on supporting the underprivileged.
LIC's total assets in 2010-11 was Rs 1,317,416 crore while income generated during the same period was Rs 2,99,273 crore.
The slogan of LIC is "Zindagi ke saath bhi,Zindagi ke baad bhi", which means "during life and after life".
According to The Brand Trust Report 2011, LIC is the 8th most trusted brand of India. It has nearly 14 lakh agents all over India.
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